Global alternative asset management firm TPG has closed TPG Tech Adjacencies II, the firm’s second fund for its strategy dedicated to providing flexible capital solutions to the technology industry.
TPG, headquartered in Fort Worth and San Francisco, said it secured $3.4 billion of equity commitments for TTAD II and related vehicles, surpassing the fund’s target and doubling the capital raised for the inaugural TTAD fund in 2018.
TTAD is led by co-managing Partners Nehal Raj, who co-leads the firm’s investment activities in Software and Enterprise Technology across its private equity platforms, and David Trujillo, who leads TPG’s Internet, Digital Media, and Communications investing efforts across the firm.
“The modern era of technology investing requires flexible capital with a full suite, full-cycle approach to investing,” Raj said in a statement. “With TTAD, we’re focused on bringing all the tools and capital solutions that are available to companies in the public markets to the private technology space.”
That strategy, he says, is “purpose-built for the evolving tech sector, and we look forward to continuing to partner with many of the industry’s most innovative companies to enable future growth.”
Generating ‘unique value’ for investors
The firm said that TPG Tech Adjacencies grew organically out of TPG’s technology practice after recognizing the significant opportunity for value creation as more technology companies opted to stay private through more advanced stages of growth. It has a flexible mandate and is designed to invest in tech companies across all stages of growth through structured and opportunistic minority investments.
Trujillo expressed gratitude for the strong support from both new and existing investors, who trust in their strategy’s impact and success, and as well as TPG’s broader tech franchise.
“This strategy reflects the best of TPG—our thematic approach, expertise across deal types, and commitment to bringing differentiated solutions to the market that can generate unique value for our investors,” he said.
According to TPG, TTAD has developed a dynamic portfolio of leading technology companies, including Dream11, India’s largest daily fantasy sports platform; FreedomPay, a cloud-based integrated payments platform; Kaseya, an infrastructure software company that provides comprehensive IT management solutions; Learneo (fka Course Hero), a platform of technology-driven productivity and learning businesses; Sonatype, a provider of automated open source governance solutions for software developers; and Toast, a payments platform purpose-built for restaurants.
TTAD has generated and is expected to continue to generate co-investment opportunities for investors, the firm said.
Earlier this month, TPG announced a partnership with Thomson Reuters to establish legal tech solution suite Elite.
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